# SIG Group Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/04/01－2026/03/31) (S100YH0Q)
> Page: https://vizora.meequs.com/en/company/sig-group
> Retrieved: 2026-09-30T19:38:35.072Z

## Company

SIG Group, founded in 1991, is a company in IT Services & System Integration listed on TSE Standard. It has 787 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SIG Group Co., Ltd. |
| Ticker | 4386 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4386.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区九段北四丁目2番1号 |
| Representative (per filing) | 代表取締役社長 石川 純生 |
| Founded | Dec 1991 |
| Share capital | ¥508.4M |
| Employees (consolidated) | 787 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.sig-group.co.jp (https://www.sig-group.co.jp/) |
| Corporate number | 7010001001114 |
| EDINET | E34031 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YH0Q, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 34.9 | 196 |
| Cash conversion | 61.9 | 185 |
| Efficiency | 82.9 | 196 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- SIG Group brought in ¥10.9B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +24.0% from the prior year, operating profit +28.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10877294000 → ¥482345000
- Net income → operating cash flow: ¥482345000 → ¥689968000（difference ¥207623000）
- Main uses of operating cash flow: CapEx ¥64474000 / dividends ¥153905000 / buybacks —
- Change in cash: ¥263575000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.9B |  |
| Operating income | ¥751.5M | Margin 6.9% |
| Net income | ¥482.3M | Margin 4.4% |
| Free cash flow | ¥625.5M |  |
| Employees (consolidated) | 787 |  |
| EPS | ¥81.61 |  |
| Diluted EPS | ¥81.14 |  |
| Book value per share | ¥429.8 |  |
| Equity ratio | 46.6% |  |
| Shares outstanding | 5,941,140 |  |
| Treasury shares | 216,000 |  |
| Shareholders | 3,253 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 41.0% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | -2 pp | IT Services & System Integration |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, cash is 41% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4397124000 | ¥10877294000 | — |
| Operating income | ¥325186000 | ¥751524000 | — |
| Operating margin | 7.4% | 6.9% | -0.5 pp |
| Employees | 411 people | 787 people | — |
| Cash and equivalents | ¥674276000 | ¥2470820000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,877 | 100.0% | S100YH0Q |
| Cost of revenue | 8,479 | 78.0% | S100YH0Q |
| Gross profit | 2,398 | 22.0% | S100YH0Q |
| SG&A | 1,647 | 15.1% | S100YH0Q |
| Operating income | 752 | 6.9% | S100YH0Q |
| Ordinary income | 777 | 7.1% | S100YH0Q |
| Pretax income | 777 | 7.1% | S100YH0Q |
| Income tax | 295 | 2.7% | S100YH0Q |
| Net income | 482 | 4.4% | S100YH0Q |
| Net income attributable to owners | 482 | 4.4% | S100YH0Q |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 15 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.0% → Operating margin 6.9% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.0%; Core profit growth: +28.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.20×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,769 | 10,877 | 2,108 | +24.0% |
| Gross profit | 1,890 | 2,398 | 508 | +26.9% |
| Operating income | 584 | 752 | 168 | +28.7% |
| Net income attributable to owners | 481 | 482 | 2 | +0.4% |
| Operating cash flow | 526 | 690 | 164 | +31.1% |
| Free cash flow | 447 | 625 | 178 | +39.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,476 | 381 | 8.5% | 267 | 317 | 287 | S100LV1T |
| FY ending Mar 2021 | 4,397 | 325 | 7.4% | 240 | -7 | -21 | S100LV1T |
| FY ending Mar 2022 | 4,916 | 378 | 7.7% | 274 | 485 | 465 | S100R5SD |
| FY ending Mar 2023 | 5,418 | 392 | 7.2% | 302 | 235 | 151 | S100TSPZ |
| FY ending Mar 2024 | 6,907 | 356 | 5.1% | 239 | 514 | 468 | S100W7OD |
| FY ending Mar 2025 | 8,769 | 584 | 6.7% | 481 | 526 | 447 | S100YH0Q |
| FY ending Mar 2026 | 10,877 | 752 | 6.9% | 482 | 690 | 625 | S100YH0Q |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.8M |
| Operating income per employee (consolidated) | ¥954.9K |
| Net income per employee (consolidated) | ¥612.9K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 428 | 536 | 669 | 763 | 787 |
| Average salary (parent company) | ¥6.6M | ¥7M | ¥6.9M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 45.7 years | 48.0 years | 45.9 years | 46.1 years | 41.2 years |
| Average tenure (parent company) | 9.7 years | 9.4 years | 9.9 years | 11.3 years | 10.3 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +24.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 690 | 6.3% | S100YH0Q |
| Capital expenditure | 64 | 0.6% | S100YH0Q |
| Free cash flow | 625 | 5.8% | 算出 |
| Investing cash flow | -97 | -0.9% | S100YH0Q |
| Financing cash flow | -329 | -3.0% | S100YH0Q |
| Dividends paid | 154 | 1.4% | S100YH0Q |
| Change in cash | 264 | 2.4% | S100YH0Q |
| Cash and equivalents | 2,471 | 22.7% | S100YH0Q |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,095 | 1,138 | 1,770 | 2,207 | 2,471 | S100TSPZ, S100W7OD, S100YH0Q |
| Total assets | 3,161 | 4,277 | 4,582 | 5,816 | 6,029 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Net assets | 1,709 | 1,898 | 2,062 | 2,451 | 2,812 | S100TSPZ, S100W7OD, S100YH0Q |
| Share capital | 508 | 508 | 508 | 508 | 508 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Property, plant and equipment | 153 | 173 | 180 | 132 | 155 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Intangible assets excluding goodwill | 77 | 570 | 555 | 1,017 | 872 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Goodwill | 31 | 494 | 488 | 985 | 849 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Investment securities | 2 | 0 | 233 | 233 | 252 | S100OPUX, S100TSPZ, S100W7OD, S100YH0Q |
| Current assets | 2,001 | 2,374 | 2,991 | 3,728 | 4,018 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Current liabilities | 1,136 | 1,423 | 1,643 | 1,843 | 1,860 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Short-term borrowings | 310 | 310 | 410 | 300 | 300 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Long-term borrowings | 210 | 625 | 470 | 1,136 | 964 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Total liabilities | 1,452 | 2,380 | 2,520 | 3,364 | 3,218 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Non-controlling interests | 20 | — | — | — | — | S100R5SD |
| Equity attributable to owners of parent | 1,689 | 1,897 | 2,059 | 2,443 | 2,800 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Retained earnings | 993 | 1,196 | 1,350 | 1,722 | 2,051 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |
| Treasury stock | -181 | -175 | -168 | -156 | -132 | S100R5SD, S100TSPZ, S100W7OD, S100YH0Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YH0Q |
| Property, plant and equipment | 3% | S100YH0Q |
| Intangibles and goodwill | 28% | S100YH0Q |
| Investment securities | 4% | S100YH0Q |
| Other assets | 24% | S100YH0Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YH0Q |
| Equity | 47% | S100YH0Q |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,161 | 4,277 | 4,582 | 5,816 | 6,029 |
| Equity | 1,709 | 1,898 | 2,062 | 2,451 | 2,812 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,095 | 1,138 | 1,770 | 2,207 | 2,471 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.4% | S100YH0Q |
| Fixed assets ÷ total assets | 2.6% | S100YH0Q |
| Goodwill ÷ parent equity | 30.3% | S100YH0Q |

Goodwill over 4 years: 31 → 849 JPY; total investing cash flow: -1,001 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 41.0% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.8% |
| Cash vs. profit gap | 208 JPY mn (of net income 43.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.9% |
| Shareholder payments — dividends / FCF | 24.6% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 14.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.6% | 1.56× | 8.7% | 1.87× | 16.2% | S100R5SD |
| 2023 | 5.6% | 1.46× | 8.1% | 2.07× | 16.8% | S100TSPZ |
| 2024 | 3.5% | 1.56× | 5.4% | 2.24× | 12.1% | S100W7OD |
| 2025 | 5.5% | 1.69× | 9.2% | 2.31× | 21.3% | S100YH0Q |
| 2026 | 4.4% | 1.84× | 8.1% | 2.26× | 18.4% | S100YH0Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＩＧカンパニー | Major shareholder | 28.4% | 2026-03-31 |
| 八田 英伸 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社バリューＨＲ | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社ぬ利彦 | Major shareholder | 3.8% | 2026-03-31 |
| 迫田 敏子 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社テプコシステムズ | Major shareholder | 2.7% | 2026-03-31 |
| 石川 純生 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社オフィスエムエスイー | Major shareholder | 2.1% | 2026-03-31 |
| 木村 倉男 | Major shareholder | 1.7% | 2026-03-31 |
| 新堀 哲之 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YH0Q | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH0Q,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W7OD | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7OD,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TSPZ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSPZ,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R5SD | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5SD,, |
| 訂正有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OPUX | 2022-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OPUX,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LV1T | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV1T,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).